SAN DIEGO & INDIANAPOLIS--(EON: Enhanced Online News)--Shareholder rights law firm Robbins Arroyo LLP announces
that a class action complaint was filed against Celadon Group, Inc.
(NYSE: CGI) in the U.S. District Court for the Southern District of New
York. The complaint is brought on behalf of all purchasers of Celadon
securities between December 30, 2016 and April 18, 2017, for alleged
violations of the Securities Exchange Act of 1934 by Celadon's officers
and directors. Celadon, through its subsidiaries, provides
transportation services between the United States, Canada, and Mexico.

According to the complaint, Celadon officials failed to disclose to
investors that its equity contribution to its joint venture with Element
Financial Corp. was $68.2 million, rather than the $100 million
contribution the company reported in its public filings, and that
Celadon was being actively investigated by the U.S. Securities and
Exchange Commission ("SEC"). On April 5, 2017, Seeking
Alpha published a report by Prescience Point Research Group alleging
that Celadon used manipulative accounting practices to hide its
insolvent condition from investors and creditors and that Celadon had
overstated its investment in its joint venture by $31.8 million. Then,
on April 19, 2017, Prescience Point published another report stating
that it was denied information about Celadon sought under the Freedom of
Information Act due to an ongoing SEC investigation. Since news of
Celadon's troubles hit the market, its share price fell over 38% to an
intra-day price of $3.85 per share on April 19, 2017.

Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested.

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